# In the matter of Fortune Mix India Private Limited IA-505(CHE)-2021 in IBA-1324-2021

> NCLT judgment dated 2021-06-15. Citation: TCN-2021-NCLT-01968. The case involves an application for withdrawal of an insolvency resolution process initiated…

- **Court:** NCLT
- **Order date:** 15 Jun 2021
- **Citation:** TCN-2021-NCLT-01968
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fortune-mix-india-private-limited-ia-505che-2021-in-iba-1324-2021-b7cd3c5a

## Summary

### Background

The case involves an application for withdrawal of an insolvency resolution process initiated against Fortune Mix India Private Limited by Esskkaay Constructions. The application for withdrawal was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional (IRP) was appointed, and a public announcement was made to invite claims from creditors. However, before the constitution of the Committee of Creditors (COC), the operational creditor, Esskkaay Constructions, filed an application for withdrawal based on a settlement with the corporate debtor.

## Facts

Esskkaay Constructions, an operational creditor, initiated insolvency proceedings against Fortune Mix India Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. S. Kamaraj was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 2021-04-23 in newspapers Trinity Mirror and Makkal Kural to invite claims from creditors, with a deadline of 2021-05-06. No claims were received from financial or operational creditors by 2021-05-07. Esskkaay Constructions then filed an application for withdrawal under Section 12A of the IBC, based on a settlement for Rs. 2,38,977/-. The application was filed before the constitution of the Committee of Creditors (COC). The date for the constitution of COC was fixed for 2021-05-08. The

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of an application admitted under …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code allows the Adjudicating Authority to

…

**Reasoning:** The court reasoned that since the application for withdrawal was filed before the

…

**Interpretation:** Section 12A provides a mechanism for withdrawal of insolvency proceedings based

…

**Application:** In this case, the application for withdrawal was filed before the COC was

…

## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Respondents:** Fortune Mix India…

## Timeline

- **2019-01-01 — Application…**: Application IBA/1324/201…
- **2021-04-15 — Application A…**: Application filed by Operational…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/fortune-mix-india-private-limited-ia-505che-2021-in-iba-1324-2021-b7cd3c5a